A consumer that wishes to apply for credit may assert his identity to a provider of credit based services, such as a bank, retailer, utility company, and the like. The consumer may apply for credit by completing a credit application (paper-based or otherwise—via phone, Internet, ATM, short message service (“SMS”) or other such useful medium). Along with other relevant information, the consumer typically provides an identifier with which the provider can verify his identity. The identifier can uniquely identify the consumer such as social security number. Also, the identifier can be a transaction number by which the provider can verify the identity of the consumer within the context of a business relationship with the provider for its products and/or services.
The credit application can be completed by the consumer in the provider's presence or it can be completed at an outlet location or through some communication medium where the consumer is not in provider's presence. In the latter case, the completed credit application may be later transported (via any secure or reliable means—electronically, physically or via mail) to the provider. Unfortunately, if the consumer's identity information that is used to apply for credit is stolen, substantial financial losses can result for the consumer and the provider. However, if a consumer's identity was linked to a unique identifier on a credit application form, consumer identity theft could be reduced and a reliable non-repudiation process for credit could be established.